The Asheville citizen. [volume] (Asheville, N.C.) 1885-1889, 1887-12-07

Prcsia.r.i ,.:v.?is.:.s, H,s52@, Jslty-
rivi - Congress Es.lcr. ay.
tn. - g.. nc Ashavi,.. Citizen.
W.sns>ur.&. Dac. 6.-Thc follow
irg Is tie fujI t,xr III he Presidents
MIGHT'VE yMANsIoN, !
.Wa4hjngton, Dec. g. !
To The Congress Of the United States:
You areSonfron*ed at the thresh-
old of yOlY Legislative duties with 4
condition Of thc Natjonal finances
which imprra.3 -.. .. demands immc-
diate ana careful consideration. The
amount OF mon"l annually exacted
through the OPERATION OF present
laws from the industries and ncces-
stiles Of the peopic largely sxceed
the sum necessary to mest the ex-
pcnses Of tie EuYcrnmeit. When
we consider that the theory OF the
institutions guarantee to cyery citi-
zen the full cnioyrDcu. OF all the
fruits oi his Industry ana enter
prisa with only such deduction as
may lie hi; shars towards he care
ful and ecaaQm.c-l nya!ntenanCe Of
the government which protects him,
it is plain that The eXaation of mora
than this is indeltnsible cxtortion
and a culpable betrayal of Ameri-
can fairness and justice. This
wrong inflicted upon those Tho
bear the burden ofnatiouai taxation,
like other wrongs, muii!plies evil
consequences. The public treasury
which should only exist as a con-
duit conveying the peoples tribute
to its legitimate Object Of expendi-
ture becomes q boarding place for
money Eeedlesaly Withdrawn from
trade and the peoples use. thus
crippliDE our nztioua. cuefg.eE, sus-
pending our country, ; Development,
prevcntiTr i2yF=t'l eu.in productive
onterpr~"s, c&u,ir4 financial dis
turbanga aud .u.-tlnG aohames Of
public p.uuGor. ILls condition Of
our treasury is not altogether new,
and il has uc-r than once Of late
been suh",iue. to cuc peoples rep
resentatiyt- - Congress wi.o
alone CO. apply Is r,mcdy, aud yet
the situation still continues with
agcrayatiyo juc;d@I.s more than ever
presaging financial Crnvuision and
wide spread disaster. II will not do
to nCgisct tliS situation because its
dangers are LOT now palpably i'm
minont and apparent. They exist
noncthc'c-ss certainly and await
the un.0r-secn and unexpected &C.
casion, when suddenly they will be
precipitated upon uT.
On the 30.h day cf June 50 the
excess Of revenues over public eX
penditur's after complying with the
annual requirement OF the sinking
fund was $I7S59,135. During the
- year ended June 3yth. 1856, such
excess amounted t. $40, ,4O5.545. and
during the year ended June Both,
1887, It reached the sum Of $55,-
567. $40. The annua contribution to
the sinking fund during the three
years above spec fed amounting in
the aggregate to $13SO5S, ,320.94 and
deducted from the surplus as stated
were made by calling in for that
purpose outstanding three per cent.
bonds Of the 9 yc.4maut. Daring
the six months prior to Juae Both,
1887, the surplus revenue had
grown go lErec by repeated Sccum-
ulatiOcs, thatit was feared the with
drawal Of this great sum Of money
needed by the people would SO at
feet the business Of tn country
that the sum Of $79,S64, 100 of such
surplus was applied to the payment
of the tHincipal and interest Of the
three per cent. bonds still out
standing and which were then pay
able ar the option OF the govern
ment. Ihe precarioUs condition OF
fin ncial affairs among the people
still needing relief, immediately af-
ter the Both day Of June 1887, the
remainder of the three per cent
bonds then outstanding amounting
with principal and interest to the
gum OF SlS,S77, 800, were called in
and applied 10 the sinking fund
contribution for the current fiscal
year. Notwithstanding these opera
tions Of the treasury department
representations OF distress III busi-
ness circles not only continued but
increased and absolute peril seemed
at hand. In these circumstances
the contribution to the sinking fund
for the current fiscal year was at
once completed by tie expenditure
Of $27,G84 2S3 50 in the purchase OF
government bonds not yet due
bearing four and four and a-hali
per cent. interest, the premium paid
thereon averaging about twenty
four per cent. for the former and
eight per cent. for the latter. in ad,
dition to this tue interest accruing
during the current year upon the
outstanding bonded Indebtedness ol
the government was to some extent
anticipated, ana the banks selected
as repositories OF public money
were permitted to somewhat in
crease t4eir deposits. While the
expedients thus employed to release
to the people the money lying idle